Julian Brigden: Markets Are Not Priced For A Recession
Market Depth
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Buying the SMP at 4,200?
The real economy should dictate wages, profit, inflation, right? It should dictate what happens in financial markets. But we have created this situation whereby the behavior of CEOs and the reaction function of CEOs to the movements in their equity prices is what leads the economy. We are seeing layoffs in the tech sector because of the movement in the stock price, not because the economy was weak. And I just saw Waller on Monday come out with an X and start slashing capex and start slashing employment. The problem for the Fed though is when you're trying to address that overheating labor market, that's what you want to see. So if the equity market goes up, it's actually doubly
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